Determinants of Sustainable Entrepreneurship in Morocco: The Role of Entrepreneurial Orientation, Financial Literacy, and Inclusion

Ikram Zouitini (), Hamza El Hafdaoui, Hajar Chetioui, Pierre-Martin Tardif and Mohamed Makhtari
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Ikram Zouitini: School of Law, Economics, and Social Sciences, Sidi Mohamed Ben Abdellah University, Fez 30000, Morocco
Hamza El Hafdaoui: School of Science and Engineering, Al Akhawayn University, Ifrane 53000, Morocco
Hajar Chetioui: School of Law, Economics, and Social Sciences, Sidi Mohamed Ben Abdellah University, Fez 30000, Morocco
Pierre-Martin Tardif: School of Management, University of Sherbrooke, Sherbrooke, QC J1K-2R1, Canada
Mohamed Makhtari: School of Law, Economics, and Social Sciences, Sidi Mohamed Ben Abdellah University, Fez 30000, Morocco

JRFM, 2024, vol. 17, issue 12, 1-22

Abstract: This paper investigates the relationship between sustainable entrepreneurship and financial inclusion, financial literacy, and entrepreneurial orientation. As sustainable entrepreneurship gains academic and practical interest, understanding factors that enable entrepreneurs to operate sustainably is fundamental. The manuscript uses an electronic questionnaire distributed to key economic stakeholders and performs partial least squares structural equation modeling on data from 169 respondents. The results show that entrepreneurial orientation has a positive and significant impact on sustainable entrepreneurship, with a beta coefficient of 0.878 and a probability value of less than 0.01. Financial literacy significantly influences sustainable entrepreneurship, with a beta coefficient of 0.389 and a probability value of less than 0.001, and it partially mediates its relationship with financial inclusion, showing a beta coefficient of 0.3 and a probability value of 0.013. Financial literacy and financial inclusion are positively correlated, with a beta coefficient of 0.771 and a probability value of less than 0.05. However, the impact of financial inclusion on sustainable entrepreneurship is negative and insignificant, with a beta coefficient of −0.392, and there is no evidence that entrepreneurial orientation moderates the link between financial literacy and sustainable entrepreneurship. The findings provide valuable insights for Moroccan policymakers to promote entrepreneurship, suggesting that financial literacy plays a crucial role in enhancing sustainable business practices. The study emphasizes the need for Morocco to adapt to current programs and create a supportive financial environment for entrepreneurs. Due to a lack of comprehensive datasets, the study’s conclusions are limited and might not accurately reflect the entire landscape.

Keywords: sustainable entrepreneurship; financial literacy; financial inclusion; entrepreneurial orientation; corporate social responsibility; partial least squares; structural equation modeling (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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